Glance Technologies Inc. (OTCQB: GLNNF) (CSE: GET.CN) is pleased to announce it has filed a provisional patent with the United States Patent and Trademark Office for its latest invention which allows orders and payments initiated from traditional websites on any platform to be secured via mobile devices utilizing Glance’s robust anti-fraud technology. This advancement enables lower fraud for merchants and more security for consumers, while allowing the convenience of ordering and initiating transactions from the web from desktop computers or any other connected device.
This will be the third patent application filed by Glance in a series of applications designed to protect Glance’s proprietary mobile payment system technology including its anti-fraud technology. The patent application, once converted into an international Patent Cooperation Treaty (PCT) application and pursued in key jurisdictions throughout the world, is designed to provide significant commercial protection for Glance’s technologies. Glance anticipates that it will continue to file additional patent applications as it continues to develop its innovative technology.
According to Chargeback: Ecommerce lost nearly $7 billion to chargebacks in 2016. By 2020, ecommerce chargeback losses are expected to balloon to $31 billion. Card not present (CNP) accounts for 60% to 70% of all card fraud in many developed countries. Merchants in the United States are overwhelmingly targeted by fraudsters. In September 2014, the US experienced 52% of total attack volume, with the United Kingdom, China, and the Netherlands experiencing 9%, 8%, and 6% of attack volume, respectively.
Mobile devices offer a much broader array of security technology compared to desktops or laptops, creating a far superior security method of payment. As mobile devices continue their rapid technological advancement, new mobile technologies can be utilized to help even further secure transactions.
“With the ever increasing rate of e-commerce fraud we believe online merchants will prefer a more secure transaction. Most customers ordering online via their desktop or laptop already have their smartphone sitting right next to them allowing them to verify, secure, and transmit payments all from Glance Pay. We are taking advantage of the incredible array of technology on mobile devices and our own proprietary anti-fraud technology to help solve the problem of online payment fraud,” says Glance CEO Desmond Griffin, “Mobile payments are the future for internet payment security and, with our incredible anti-fraud track record and recent provisional patent filing, we believe we are well positioned for this future.”
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